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for moms who purchased a home using a va loan

well me and dh plan to buy a house in april. in jacksonville nc, he is active marines. i was wondering if you guys can help me out. (dh wants to buy but he doest find info so i have to)
1) can i use the home owners tax credit towards my closing cost in nc?
2. if we get a loan for 150,000 and the house is only 143,000, can i use the reminder to use as closing cost?
3. does a va loan requiered i put a down payment and if so how much?
4. i heard that if a va appraisal is done then i dont have to pay for it is this true?

thanks for any help

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piwife

Asked by piwife at 11:10 AM on Feb. 17, 2010 in Money & Work

Level 16 (2,685 Credits)
Answers (11)
  • Not sure about #1.
    I believe if the asking price is $143,000--that's all you'll get even if they value the house at a higher price.
    I'm pretty sure there are no closing costs with the VA loan, but you'll have to pay for the appraisal.
    No down payment required (most of the time-may be a credit thing)
    I think you have to get a current appraisal no matter what, but I'm not positive. I'm sure the market in Jville is better than most places but I've heard it's stalled a bit. Have you looked into houses outside of town? Less traffic & better prices depending on where you go. Was your husband already approved for a loan? You have to go through an application process and make sure he's eligible. Any local realtor should be able to help you because they deal with the VA all the time.
    RugersMommy06

    Answer by RugersMommy06 at 11:22 AM on Feb. 17, 2010

  • We are going through this right now. Here is what I was told.

    1) can i use the home owners tax credit towards my closing cost in nc?
    You won't get the tax credit right away. It will probably take a couple months

    2. if we get a loan for 150,000 and the house is only 143,000, can i use the reminder to use as closing cost?
    They said that they would just lower the loan if we got a cheaper house

    3. does a va loan requiered i put a down payment and if so how much?
    Theres no down payment with a va loan

    4. i heard that if a va appraisal is done then i dont have to pay for it is this true?

    I haven't heard anything about this.
    MommaSteph85

    Answer by MommaSteph85 at 11:27 AM on Feb. 17, 2010

  • they told us we would prequalified once we paid of some stuff, march 19 we get our tax money so we plan to pay off alot of bills
    piwife

    Answer by piwife at 11:28 AM on Feb. 17, 2010

  • mommasteph? k so lets say the house is on the market for 143,000 but the appraisal is only 138,000. so then the loan will be for how much the appraisal price or the market price? also do you know how much is an appraisal, i keep reading $500-$1000
    piwife

    Answer by piwife at 11:31 AM on Feb. 17, 2010

  • Your loan amount will be equal to the purchase price or appraised value which is every lower. You can write your offer higher to include the seller paying up to 6% of your purchase price in closing costs. You will have closing costs and you need to establish an escrow account for your taxes and insurance also. The appraisal is ordered for an approved appraiser for VA and will range in price from $250 to $350.
    Kari126

    Answer by Kari126 at 12:12 PM on Feb. 17, 2010

  • You will pay the actual cost of the house PLUS the VA funding fee. It the house appraises for more than the purchase price you are starting out with equity in your home!!

    I don't know what lender you are using, but I highly recommend USAA. We are on our 4th VA loan/home and have used them each time.

    The most we have paid for an appraisal is $150

    Many closing costs can be rolled into the loan. Don't panic when you see the closing cost estimate. Ours have ALWAYS been over estimated....once more than $2000 over!
    yourspecialkid

    Answer by yourspecialkid at 1:49 PM on Feb. 17, 2010

  • Heres some more info for ya. Have you filed your taxes already? If you have you will have to file the tax credit through an amended tax return otherwise you won't get it till you file your 2010 return. And if you go through USAA you will have to have the closing cost up front to even be approved.
    MommaSteph85

    Answer by MommaSteph85 at 12:25 PM on Feb. 18, 2010

  • yeah we did, 2 weeks ago, i told dh the same thing but he wouldnt listen ( he thinks he knows everything and am dumb). i
    piwife

    Answer by piwife at 12:44 PM on Feb. 18, 2010

  • Lol my husband is the same way. I told him that we would have to save money for closing costs and he tried to tell me that with va loan you don't have to pay them. But its funny how I have yet to hear from him sorry you were right. Oh and I should add to the USAA that you only have to show that you have money in your account for the closing costs. You don't actually pay it till afterwards. I think our hubbys would get along great, lol
    MommaSteph85

    Answer by MommaSteph85 at 1:11 PM on Feb. 18, 2010

  • We did a VA loan 7 months ago. No you can't use the credit as down payment because you have to have it noted in county records, and your closing done. If the IRS gave it before and the offer fell through...many would take advantage. With a VA loan they will not allow you to finance more than what the house is appraised for. If seller is asking 143,000 and VA appraises at $125,000...that's all you will get and seller will have to drop the price. Down Payment: it depends on how you write your offer. We told our realtor we wanted nothing down, and pay nothing. We wrote that the seller paid all closing cost, funding fee's, appraisals, home inspections, taxes...anything possibly imagine up to a total of $8,000. Anything over that we would've had to pay.  We ended up with extra and had them pay down points on our interest rate for our loan.   

    Anonymous

    Answer by Anonymous at 4:27 AM on Feb. 20, 2010

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